Planview Commissioned Study: Companies Fall Short Of Achieving Strategic Objectives

KUALA LUMPUR, Oct 4 (Bernama) -- New research commissioned by Planview, a global leader in Portfolio and Value Stream Management, revealed that companies risk wasting millions annually due to failed strategy implementation, as digital transformation investments skyrocket.

The findings of a global study, “Bridging the gap: turning strategy into reality” conducted by Economist Impact, the research arm of The Economist, uncovers common disconnects in strategy implementation leading to failures in critical digital initiatives.

Furthermore, the findings show a stark reality, whereby if businesses do not accelerate efforts to close the gap between strategy and action, the consequences are significant which include wasted work, sunk costs, failed digital transformations, and the threat of becoming obsolete.

“With economic uncertainties, market disruptions, the rapid advancement of technologies like AI, and the growing digitalisation imperative impacting every industry, the pace of change and complexity of decision-making is growing exponentially.

“Companies must be able to prioritise their initiatives in a capital and capacity-constrained environment, quickly analyse and adapt their project and product initiatives, making critical decisions that drive important outcomes,” said Planview Chief Executive Officer, Razat Gaurav in a statement.

Alarmed by the inefficiency and waste in digitalisation, Economist Impact undertook a global survey of 600 executives across seven countries and six industries including business & professional services, financial services and healthcare & life sciences.

Among the findings revealed, only 14 per cent of executives expressed confidence in their company’s decision-making governance; 84 per cent of them need to improve data-driven decision-making; and critically, only 20 per cent are confident in the resources allocated for implementation.

The Economist Impact research outlines an interconnected and interdependent framework for driving change to address these disconnects.

Serving as a blueprint for bridging the strategy-implementation gap, the report is focused on five recommendations namely alignment, accountability, resourcing, agility and culture.

-- BERNAMA